Revenue Procedure 2008-VV, Revenue Procedure 2008-WW, Revenue Procedure 2008-XX, Revenue Procedure 2008-YY, Revenue Procedure 2008-ZZ

Forms and Documents

Document	Type	Status	Availability
Combined Sup Stmnt.doc	Justification for No Material/Nonsubstantive Change	Uploaded 2008-05-01	Available
RP2001-42.pdf	Supplementary Document	Uploaded 2007-08-27	Available
RP2001-42_Sup Stmnt.doc	Supporting Statement A	Uploaded 2007-08-27	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
19287	Revenue Procedure 2008-XX - Modified Endownment Contract Correction Program Extension	Other-Revenue Procedure	Modified
184747	Revenue Procedure 2008-ZZ - Section 7702(f)(8) or Section 101(f)(3)(H) Automatic Waiver Program	Other-Revenue Procedure	New
184746	Revenue Procedure 2008-YY - Variable Contract Correction Program	Other-Revenue Procedure	New
184745	Revenue Procedure 2008-WW - Qualified Additional Benefits Correction Program	Other-Revenue Procedure	New
184744	Revenue Procedure 2008-VV - Life Insurance Contract Correction Program	Other-Revenue Procedure	New

ICR Details

OMB Control No: 1545-1752	ICR Reference No: 200805-1545-001
Status: Historical Active	Previous ICR Reference No: 200708-1545-031
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Revenue Procedure 2008-VV, Revenue Procedure 2008-WW, Revenue Procedure 2008-XX, Revenue Procedure 2008-YY, Revenue Procedure 2008-ZZ
Type of Information Collection: No material or nonsubstantive change to a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 06/05/2008
	Date Received in OIRA: 05/02/2008
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	02/28/2011	02/28/2011	02/28/2011
Responses	70	0	10
Time Burden (Hours)	5,950	0	1,000
Cost Burden (Dollars)	0	0	0

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Abstract: RP 2008-VV allows issuers of life insurance contracts have failed to meet the definition of life insurance contract under section 7702 or to satisfy the requirements of section 101(f) of the Internal Revenue Code to cure these contracts so that they do not fail section 7702 or section 101(f). RP 2008-WW allows issuers of variable contracts have failed to meet the diversification requirements of section 817(h) of the Internal Revenue Code to cure these contracts so that they do not fail section section 817(h). RP 2008-XX allows issuers of life insurance contracts whose contracts have failed to meet the tests of section 7702A of the Internal Revenue Code to cure these contracts that have inadvertently become modified endowment contracts. RP 2008-YY allows issuers of variable contracts have failed to meet the diversification requirements of section 817(h) of the Internal Revenue Code to cure these contracts so that they do not fail section section 817(h). RP 2088-ZZ provides guidance as to how issuers of life insurance contracts may automatically obtain a waiver under section 7702(f)(8) or section 101(f)(3)(H) of the Internal Revenue Code to remedy certain life insurance contracts for certain reasonable errors that caused a contract to fail to satisfy the requirements of section 7702 or section 101(f).

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Authorizing Statute(s): US Code: 26 USC 7702(a) Name of Law: Life insurance contract defined - General Rule
   US Code: 26 USC 101(f) Name of Law: Certain death benefits-Proceeds of flexible premium contracts issued before January 1, 1985 pa
   US Code: 26 USC 7702A Name of Law: Modified endowment contract defined
   US Code: 26 USC 817(h) Name of Law: Treatment of variable contracts-Treatment of certain nondiversified contracts
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	72 FR 34358	06/21/2007
30-day Notice:	Federal Register Citation:	Citation Date:
	72 FR 59143	10/18/2007
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 5

IC Title	Form No.	Form Name
Revenue Procedure 2008-VV - Life Insurance Contract Correction Program
Revenue Procedure 2008-YY - Variable Contract Correction Program
Revenue Procedure 2008-ZZ - Section 7702(f)(8) or Section 101(f)(3)(H) Automatic Waiver Program
Revenue Procedure 2008-XX - Modified Endownment Contract Correction Program Extension
Revenue Procedure 2008-WW - Qualified Additional Benefits Correction Program

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	70	10	0	60	0	0
Annual Time Burden (Hours)	5,950	1,000	0	4,950	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: Yes

Burden Reduction Due to: Changing Regulations

Short Statement: RP 2008-VV allows issuers of life insurance contracts have failed to meet the definition of life insurance contract under section 7702 or to satisfy the requirements of section 101(f) of the Internal Revenue Code to cure these contracts so that they do not fail section 7702 or section 101(f). RP 2008-WW allows issuers of variable contracts have failed to meet the diversification requirements of section 817(h) of the Internal Revenue Code to cure these contracts so that they do not fail section section 817(h). RP 2008-XX allows issuers of life insurance contracts whose contracts have failed to meet the tests of section 7702A of the Internal Revenue Code to cure these contracts that have inadvertently become modified endowment contracts. RP 2008-YY allows issuers of variable contracts have failed to meet the diversification requirements of section 817(h) of the Internal Revenue Code to cure these contracts so that they do not fail section section 817(h). RP 2088-ZZ provides guidance as to how issuers of life insurance contracts may automatically obtain a waiver under section 7702(f)(8) or section 101(f)(3)(H) of the Internal Revenue Code to remedy certain life insurance contracts for certain reasonable errors that caused a contract to fail to satisfy the requirements of section 7702 or section 101(f). Rev. Proc. 2001-42, 2001-2 C.B. 212, and Rev. Proc. 2007-19, 2007-1 C.B. 515, are superseded. These changes and the addition of the cross-referencing revenue procedures resulted in a total burden increase of 4950 hours.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? Uncollected

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 05/02/2008

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